Pace slows for Manhattan apartment rentals

Manhattan's overheated rental market is beginning to cool off, according to a new report issued by The Real Estate Group, a local brokerage firm. The report found rents decreasing in all kinds of units throughout the city, except for studio apartments in doorman buildings and two-bedroom apartments in non-doorman buildings. The report goes against the trend that the rental market typically tightens at the end of the summer as families take vacation time to look for new homes, and students and recent graduates with new jobs flood the city.